Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations PDF Download
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Author: Wouter Bossu
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781513561622
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made. First, most central bank laws do not currently authorize the issuance of CBDC to the general public. Second, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC. While the central bank law issue can be solved through rather straithforward law reform, the monetary law issue poses fundmental legal policy challenges.
Author: United States. Congress. House. Committee on Banking and Currency
Publisher:
ISBN:
Category : Banking law
Languages : en
Pages : 258
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Book Description
Considers legislation to revise monetary policies and to establish a Banking and Currency Commission to investigate and report to Congress on recommendations for a reformed national banking and currency system.
Author: Wouter Bossu
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781513561622
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made. First, most central bank laws do not currently authorize the issuance of CBDC to the general public. Second, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC. While the central bank law issue can be solved through rather straithforward law reform, the monetary law issue poses fundmental legal policy challenges.
Author: Robert E. Preston
Publisher:
ISBN:
Category : Currency question
Languages : en
Pages : 140
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Book Description
Author: Abram Piatt Andrew
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 40
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Book Description
Author: Mr.Tobias Adrian
Publisher: International Monetary Fund
ISBN: 1498324908
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
Author: United States. Congress. House. Committee on Banking and Currency
Publisher:
ISBN:
Category :
Languages : en
Pages : 56
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Book Description
Author: United States. Congress. House. Committee on Banking and Currency
Publisher:
ISBN:
Category : Currency question
Languages : en
Pages : 270
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Book Description
Author: David Robertson Forgan
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 10
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Book Description
Author: Hon Robert E Preston
Publisher: Createspace Independent Publishing Platform
ISBN: 9781523763788
Category :
Languages : en
Pages : 128
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Book Description
From the PREFACE. "WHEN the mariner has been tossed for many days in thick weather and on an unknown sea, he naturally avails himself of the first pause in the storm, the earliest glance of the sun, to take his latitude and ascertain how far the elements have driven him from his course." Not for a few days only, nor for a few months, nor even for a few years, but for twenty, have the monetary pilots of the United States, entrusted with the care of the ship of state, been tossed about upon the waters, by the jarring winds of false financial doctrines; yet so far from availing themselves of the pauses in the storm that have occasionally given them a glimpse of the sun and light to determine their bearings and position, and discover how far they had drifted or been driven from the course of the correct principles of currency legislation, they seem bent rather on steering clear of the right path and sailing, without chart or compass, one knows not whither, except that it must be through darkness to danger and, perhaps, disaster. One such glimpse they had after the clouds of the crisis of 1893 began to clear away. Others have come to them after the successive issues of bonds during the past two years, resulting in the borrowing of $250,000,000 to maintain a reserve of $100,000,000, which is ever oozing out of the Treasury, and which cannot be kept intact so long as the Treasury-draining tubes of the legal-tender notes and Treasury notes are not stopped up or destroyed-a reserve which must be replenished periodically to insure the parity with gold of our paper money amounting to over $800,000,000, and to avert the "circulating pest"* of a depreciated medium of exchange. But neither the light after the panic nor after the ever-recurring embarrassments of the Treasury, followed by repeated and heavy loans, in a time of profound peace, has sufficed to let them see that the panic was produced and the issues of bonds rendered necessary by the fact that they had been violating, for over twenty years, every law of coinage and finance, and that the proper preventative of such panics and bond issues in the future is to ascertain how far they have been driven from the true course of monetary principles-of the principles that have guided all other great commercial nations since 1871, and that had directed the monetary legislation of the United States for nearly ninety years -the monetary principles of the Fathers of the Republic, of Robert Morris, Thomas Jefferson, and Alexander Hamilton.
Author: United States. Congress. House. Committee on Banking and Currency
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 176
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Book Description
